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Home / News / Business News / SBI Life Insurance's stock market debut; gains 5% on issue-price
Business

SBI Life Insurance's stock market debut; gains 5% on issue-price

SBI Life Insurance's stock market debut; gains 5% on issue-price
Written by Ramya Patelkhana
Oct 03, 2017, 03:20 pm 1 min read
SBI Life Insurance's stock market debut; gains 5% on issue-price
Credits:

SBI Life Insurance made a strong market debut as it got listed on stock exchanges. It debuted on BSE at Rs. 733.30, with 4.75% premium over Rs. 700 issue price; it reached a Rs. 738 high. On NSE, it opened at Rs. 735, with 5% premium over the issue price. However, the stock fell 1.5% on Sensex in less than 20 minutes of trading.

IPO
Completed Rs. 8,400-crore IPO last month

SBI Life Insurance, a subsidiary of State Bank of India, issued a Rs. 8,400cr Initial Public Offering (IPO) in September. The price band was fixed at Rs. 685-700/share for the IPO. The IPO was oversubscribed 3.58 times between 20-22 September. The portion for qualified institutional buyers (QIBs) was oversubscribed 12.56 times; those for non-institutional investors and retail investors received 70% and 85% subscription, respectively.

SBI Life
Second insurer to go public after ICICI Prudential

SBI Life Insurance is a joint venture between the State Bank of India and France's BNP Paribas Cardif. It is the second life insurance company to list on the stock market after ICICI Prudential Life. Its Rs. 8,400cr IPO is the biggest public offer in seven years. It is also the largest share sale in the country after Coal India's Rs. 15,200cr IPO.

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Ramya Patelkhana
Ramya Patelkhana
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Ramya Patelkhana is a senior editor at NewsBytes. She has nearly seven years of experience in digital journalism and has previously worked with India News and Authint Media. She has a Bachelor's degree in Journalism and Mass Communication from the IK Gujral Punjab Technical University, Kapurthala, and an advanced diploma in Media Studies from IPW, New Delhi.
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